Who or what is listed as the beneficiary on your IRA? We get into various reasons for and against having a trust and how the most recent rules might affect how your estate plan is currently set up.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-146-should-your-trust-be-your-ira-beneficiary/   What we discuss on this episode: 0:28 - David brainstorms future podcast ideas. 1:39 - Who needs a trust? 4:03 - When is it a bad idea to have an IRA as the beneficiary? 5:50 - Why does this matter right now? 9:14 - How has this changed since 2019?

Cover Your Assets KC Podcast

Episode 146: Should Your Trust Be Your IRA Beneficiary?

What tax consequences should you prepare for? We talk through the different accounts you may have and what kind of taxes to expect in retirement for each one.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-145-tax-consequences/   What we discuss on this episode: 0:33 - Taxes are one of David’s favorite topics. 2:51 - What do you need to know about tax-deferred accounts?  6:14 - Roth accounts are taken out tax-free. 8:42 - What are taxable accounts? 11:41 - What happens with CDs? 13:45 - Why is life insurance part of the discussion?  

Episode 145: Tax Consequences

Are you and your spouse not seeing eye-to-eye when it comes to saving (or spending) in retirement? David shares his thoughts on how to improve the situation for this person and two others seeking financial advice.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-144-mailbag-how-can-i-convince-my-husband-weve-saved-enough/    What we discuss on this episode:  1:16 - Mailbag: Can I use my home equity line as an emergency fund? 5:11 - Mailbag: How can I convince my husband we’ve saved enough? 10:42 - Mailbag: How can I help my mother sort through her finances after my dad passed?

Episode 144: Mailbag - How Can I Convince My Husband We’ve Saved Enough?

There is a lot of buzz going around about infrastructure bills. How could they impact you? We talk about “how the sausage is made” in bills like these as well as how you can prepare for them.   Read and get additional financial information: https://coveryourassetskc.com/episode-143-do-the-new-infrastructure-bills-impact-your-financial-plan/   What we discuss on the episode:  1:04 - Financial discussions in Congress right now 3:26 - American Jobs Plan 6:06 - American Families Plan 11:37 - How will this affect you and your family? 15:27 - What about long-term capital gains rates? 18:02 - What’s happening with Roth conversions? 19:01 - What other changes are being proposed? 25:04 - What should you do now?

Episode 143: Do the New Infrastructure Bills Impact Your Financial Plan?

We can all procrastinate at times. But when it comes to our finances we need to plan ahead.  David shares key areas in your finances you don’t want to put off addressing.   Read and get additional financial information: https://coveryourassetskc.com/episode-142-financial-matters-you-dont-want-to-put-off-2/   What we discuss on the episode:  0:29 - David has golf plans 1:30 - What financial matters do people put off? 3:41 - Should you defer taxes? 6:07 - When should you eliminate debt? 9:59 - How important are your legal and estate documents? 13:14 - Should you delay Social Security? 16:41 - When do you put a plan in place?  

Episode 142: Financial Matters You Don’t Want to Put Off

If you have the option to contribute to a Roth 401(k), should you do it? In retirement, how can you be sure you won’t run out of money? David answers these questions and one more in today’s podcast.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-141-mailbag-should-i-contribute-to-a-roth-401k/   Bank Tree Calendar: https://www.bankrate.com/retirement/calculators/401-k-retirement-calculator/   What we discuss on this episode:  0:28 - Who doesn’t like the Chiefs? 2:24 - Mailbag: What if I don’t need my IRA at age 70? 7:59 - Mailbag: Should I put my retirement savings into a Roth 401(k)? 10:55 - Mailbag: Will I ever shake the scared feeling that I might run out of money?  

Episode 141: Mailbag - Should I Contribute to a Roth 401(k)?

Are you ready to become a millionaire? Let’s talk about how to make smart investments and make that goal a reality.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-140-401k-millionaires/   Bankrate Calculator: https://www.bankrate.com/retirement/calculators/401-k-retirement-calculator/   What we discuss on this episode:  0:27 - Do you have a million dollars in your 401(k)? 1:54 - Is a million dollars in a 401(k) common or attainable? 3:18 - Everybody is different.  4:41 - Start early. 9:23 - Make sure you’re consistent with contributions. 11:19 - Don’t be too risk adverse. 13:43 - Find ways to make money while you sleep.

Episode 140: 401(k) Millionaires

In celebration of Social Security’s recently passed birthday, let’s talk about four things you should know about it. How can you plan for Social Security as a part of your retirement plan?   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-139-happ…-social-security/   What we discuss on this episode:  0:33 - Happy Birthday to… Social Security! 2:28 - About 65 million Americans draw on Social Security. 4:38 - Get an estimate of what your Social Security benefits may be. 6:38 - What’s the average retired person’s income from Social Security? 9:55 - What is full retirement age? 12:42 - Are there reasons to not wait until age 70?

Episode 139: Happy Birthday, Social Security

Before you buy an annuity (or rule one out), what do you need to know? David outlines three questions that will help you determine whether or not an annuity aligns with your goals and financial plan.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-138-3-questions-to-ask-before-you-buy-an-annuity/    What we discuss on this episode:  1:32 - What type of annuity is it? 4:48 - How much does this annuity cost? 8:57 - What happens to my money when I die? 12:08 - So, are annuities good or bad?

Episode 138: 3 Questions to Ask Before You Buy An Annuity

Gas prices are up, buying a car is much more expensive, and groceries cost more. Is this something you should be concerned about? David shares more information about inflation and whether or not he thinks this is transitory.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-137-is-inflation-transitory-or-here-to-stay/    What we discuss on this episode:  1:40 - Is inflation a big deal? 3:42 - What are the latest numbers telling us? 5:15 - How do you decide if it is temporary or permanent changes? 11:40 - What can we do with this information? 14:18 - Should you be worried?

Episode 137: Is Inflation Transitory or Here to Stay?

After listening to prior podcasts, listeners sent in questions for David to dive in deeper. We covered three questions in last week’s episode and cover two more today on today’s podcast.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-136-mailbag-how-much-money-to-set-aside-for-medical-care/    What we discuss on this episode:  1:19 - Mailbag: How do I know how much to save for medical expenses? 7:19 - Mailbag: Should I rollover my pension into an IRA and buy an annuity? 9:43 - What kind of annuity do you plan to buy?

Episode 136: Mailbag - How Much Money To Set Aside for Medical Care?

When you get closer to the age of required minimum distributions, you may wonder what you need to do now to prepare. David answers two questions from the mailbag in this week’s podcast.   Read more and get additional financial resources here: https://coveryourassetskc.com/episdoe-135-mailbag-what-should-i-do-now-to-reduce-future-rmd-taxes/    What we discuss on this episode:  0:26 - It’s the dog days of summer in Kansas City. 1:48 - This is part one of our mailbag questions. 2:38 - Mailbag: How can I reduce my future tax bill in retirement? 6:17 - How can you pay less in taxes before being locked in? 11:42 - Mailbag: How can we avoid probate on our home?

Episode 135: Mailbag - What Should I Do Now To Reduce Future RMD Taxes?

Worried your money won’t last through your retirement? Just how much do you need and when can you retire? David talks through all of these things you must know if you are close to retirement.   Read more and get additional resources here: https://coveryourassetskc.com/episode-134-the-3-things-you-must-understand-if-retiring-in-3-5-years-part-3/    What we discuss on this episode:  2:19 - How long will your money last? 8:32 - How long will you live?   13:04 - What if the math isn’t on your side to retire at 65? 18:05 - What are the key takeaways? 

Episode 134: The 3 Things You Must Understand If Retiring in 3-5 Years, Part 3

As you get closer to retirement, you likely want to make sure everything is in order, including your estate plan. David discusses what paperwork you should have in place and up-to-date. Read more and get additional financial resources here: https://coveryourassetskc.com/podcasts/ What we discuss on this episode:  3:09 - Should you have a trust?   5:42 - Do you have good beneficiary designations? 9:53 - What are the two kinds of beneficiary designations? 15:39 - What if you aren’t able to speak for yourself later on?

The 3 Things You Must Understand If You're Retiring In 3-5 Years, Part 2

What happens with your taxes in retirement? This is the first of our three-part series for what to do and how to prepare if you are three to five years away from retirement.   Read more and get additional financial resources here: https://coveryourassetskc.com/episode-132-3-things-you-must-understand-if-youre-retiring-in-3-5-years-part-1/    What we discuss on this episode:  0:40 - Celebrating the 4th with family, fun, and fireworks. 3:10 - Why is the three to five year timeline before retirement so important? 5:05 - Your Social Security is likely to be taxed. 7:40 - Should you take a pension lump sum or monthly payments? 12:31 - The widow’s tax is rarely discussed but important. 16:52 - Talk to your advisor about all of these.

Episode 132: 3 Things You Must Understand If You're Retiring In 3-5 Years, Part 1

Bite-sized financial and retirement planning guidance from David Dickens in Kansas City. Dave Dickens is the President of KC Financial Advisors and is a Chartered Financial Analyst (CFA). He has more than 35 years of experience in the investment business.

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Cover Your Assets KC Podcast

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